The emission reductions will be generated by having 15,000
households, hotels and other users of electric water heaters
switch to solar water heating, Ashok Singha, chief executive
officer of CTRAN Consulting, an environmental advisory company
that managed the project, said by telephone.

The project is expected to earn 22,746 credits annually
over 10 years from the UN-led Clean Development Mechanism, he
said from Bhubaneswar. “First issuance will be next year,”
Singha said today. The credits have been sold to RWE Power
Aktiengesellschaft in a forward purchase agreement, he said.

RWE will buy the credits at about a 20 percent discount to
the market price at the time, Singha said. Spot UN Certified
Emission Reductions rose 1.2 percent to 12.18 euros ($16.46) a
metric ton after finishing yesterday at a three-month low on the
BlueNext exchange in Paris.